Point-of-sale transactions in local currency totalled $1.1 trillion in 2024

A total of 84.8 million point-of-sale (POS) transactions in Jamaican currency, valued at $1.1 trillion, were processed locally last year, according to the 2024 Economic and Social Survey Jamaica (ESSJ).

The volume of transactions increased 27.9 per cent while the value increased 13.5 per cent when compared with 2023.

The ESSJ revealed, too, that the volume and value of United States-dollar transactions processed through POS terminals in Jamaica declined by 26.7 and 32.1 per cent, respectively.

There were 3.1 million transactions valued at US$590.6 million.

The number of US-dollar transactions at local automated banking machines increased by 8.9 per cent to 1.1 million while the value of those transactions dipped by 1.7 per cent to US$343.3 million.

The figures come amid concerns about a rapid rise in social engineering or fraudulent schemes that have targeted POS transactions.

In one of the latest schemes uncovered by authorities, fraudsters exploited a since-discarded emergency feature of the POS terminals to defraud two financial institutions of nearly $400 million.

One institution was defrauded of $270 million via a single transaction while the second entity lost approximately $135 million through at least two transactions, The Gleaner reported in May.

No customer account was impacted.

The ESSJ said at the end of the fourth quarter last year there were 3,822,599 Jamaican currency debit cards in circulation, an increase of 4.3 per cent over the previous year.

The number of Jamaican currency credit cards in circulation at the time was 430,900, an increase of 5.4 per cent.

- Livern Barrett

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